All Forum Posts by: Justin Repp

hey @JP Krueger the conversion I am talking about is a simple converison of an existing dwelling with no renovation needed. So no contractor involved. 

@JP Krueger project didn’t pan out. I do have clients who are doing a conversion of a 3 fam in Eastie into 3 condos right now. I have a great attorney I could recommend if you need it. Shoot me a DM if interested. 

I have a 3 family under contract in Lowell. I have a decent option for ARMs from my local bank but I got connected with Cape Cod 5 and their ARM rates are really good. 10/6 ARM for 5% right now. It is a bank I am super unfamiliar with so looking to see if anyone has any experience with them - good, bad, or otherwise. Thanks!

@Matthew Stone Do you plan to stay living in the 2 fam you are living in now? If you are open to moving again, you can buy another 2-4 family and live in it to take advantage of the low down payment option.  It all comes down to what your goals are, honestly.  There are a few different ways to skin this cat, so to speak.  Where on the north shore did you buy?  I'm in Beverly!

Hey @Nicole Griffin welcome to BP.  Nice to meet someone else from Bevtown!  If I can be of help in any way please let me know.  I am a real estate agent here in town with Keller Williams.  Good luck!

4 Family

Separate utilities

Off street parking for all units

Unit breakdown:

1st floor - 2/1, section 8 approved, seeking $1,750 (currently vacant)

2nd floor - 2/1, $1,600, Section 8, TAW

3rd floor - 2/1, $1,200, TAW

Rear unit (2 floors) - 1/1, $1,300, TAW

Rent roll prior to current vacancy: $67,200

Projected after increasing rent in now vacant unit: $70,200

Asking $700,000

It all depends on how educated you, the buyer, are when it comes time to write the offer.   Some clients I have to educate about the whole process and set the table for them so they know what to expect going forward.  It also depends on what other docs the seller/list agent is requiring to be submitted with the offer.  Lead paint, sellers statement, agency disclosure, photo of checks, etc.  On average, I would say it takes an hour to put it all together.  If this isn't your first rodeo and we have worked together before, 20-40 minutes.